DOF raising P70B for COVID-19 vaccine procurement

The Department of Finance (DOF) is raising P70 billion through loans from multilateral lenders, bilateral partners, and/or domestic market to cover unprogrammed appropriations for the procurement of COVID-19 vaccines.

This funding will help inoculate at least 50 million Filipinos as part of a total P82.5-billion budget under the 2021 General Appropriations Act.

Of the total amount, P2.5 billion comes from the DOH budget and P10 billion from the Bayanihan To Recover As One Act (Bayanihan 2).

Finance Secretary Carlos Dominguez III assured that the funds are sufficient to vaccinate a majority of Filipinos, with around 60 million people expected to be covered.

The first batch of 25 million doses is secured from Sinovac Biotech Ltd., with about 50,000 doses arriving next month for initial inoculations.